Ferguson, a world famous historian and author fourteen books such as The Ascent of Money, declared thatBitcoin itself is "only money in a very limited sense," stressing that the oldest cryptocurrency is incapable of being money as a means of payment due to massive volatility.

However, in near future, Bitcoin's main function will be serving as a type of insurance, Ferguson stated, explaining that it is an asset that is hard to confiscate, and anyone might hold private keysthe same way the European wealthy used to hoard gold jewelry and precious stones.

While Ferguson said that it is clear that the money of future will be digital, he still expressed scepticism about stablecoins, which are digital currencies that are designed to provide minimum volatility and pegged to fiat currencies, commodities or algorithms.